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Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for...

Question:

Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for the year 2016:
Campbell Corporation uses the retail method to value Its inventory. The following Information Is available for the year 2016: Merchandise inventory $370,000 $298,000 726,000 984,000 January 1, 2016 Purchases Freight-In Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value. Cost-to-Retail Ratio Retail Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retal Estimated ending inventory at cost

Answers

AGiven Conphepaian uses he retail methal to Vento ormatio is Begining nve plus Pchaßes 726000984 /co Nes marker ups coo 1,320aration l 314 2oo Cstimated Endir? 2,

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